UBS said it would no longer rely on Swiss government assistance tied to its emergency takeover of Credit Suisse in March, marking an important step in the absorption of its smaller rival
Aug. 11, 2023 3:53 am ETSwiss bank UBS agreed to take over its longtime rival Credit Suisse as authorities seek to halt a dangerous decline in confidence in the global banking system. WSJ’s Patricia Kowsmann explains how the deal unfolded and what might come next.
Photo: Hannah McKay/Reuters said it would no longer rely on Swiss government assistance tied to its emergency takeover of Credit Suisse in March, marking an important step in the complex and politically fraught absorption of its smaller rival.Continue reading your article with
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS cuts the cord, severing backstop Swiss government provided to buy Credit SuisseUBS on Friday took the decision to sever the backstop the Swiss government gave to absorb Credit Suisse, a bet there are no hidden skeletons that will emerge...
Read more »
China's Trade Plunges, Ant's Buyback Faces Decline, and Credit Suisse Bankers Move to UBSChina's trade experiences a larger-than-expected decline, potentially jeopardizing 2023 growth. Several major firms refuse to participate in Ant's buyback. Additionally, senior Credit Suisse bankers secure desirable positions at UBS.
Read more »
European markets open lower; UBS ends Credit Suisse protection measures, shares up 4%European markets opened lower Friday as investors digest the latest U.S. inflation data and earnings.
Read more »
UBS Ends Credit Suisse Loss-Protection Pact, Liquidity BackstopBy Adria Calatayud UBS Group said it has terminated a 9 billion Swiss franc ($10.27 billion) loss-protection agreement and a CHF100 billion public-liquidity...
Read more »
UBS Cuts $10 Billion Government Backstop For Credit Suisse RescueThe government guarantee could have protected the bank from around $10 billion in losses linked to its takeover of Credit Suisse.
Read more »
Wells Fargo hires Credit Suisse veteran as head of financial sponsorsU.S. bank Wells Fargo said on Monday Malcolm Price has joined its corporate and investment bank (CIB) as the head of financial sponsors, after 35 years at Credit Suisse.
Read more »